Kraken and Backed Expand Tokenized Stocks to BNB Chain

Kraken and Backed, a tokenization provider infrastructure, have announced the expansion of their tokenized stock offering, xStocks. The tokenized stock is now supported by both the BNB Chain and the Solana blockchain. This move aims to make U.S. stocks more accessible to people worldwide. This is especially true in places where regular stock trading is difficult or unavailable. Kraken xStocks Alliance Welcomes BNB Chain BNB Chain is now part of the xStocks Alliance, a group working to bring real-world assets, such as stocks, onto the blockchain. The collaboration will allow eligible non-U.S. Kraken clients to deposit and withdraw tokenized stocks using BNB Chain in addition to Solana. BNB Chain was chosen because it is fast , inexpensive to use, and has users worldwide. Tokenized equities, such as stocks, represent major U.S. stocks and ETFs, including Apple, Tesla, and the S&P 500. Kraken’s strategy is built around the idea that the future of finance will not be limited to one blockchain. The exchange sees tokenized stocks as more than just digital versions of real stocks. They are being designed to work as useful tools in decentralized finance (DeFi). xStocks can now be traded across different platforms, used for loans, or included in advanced financial tools. Backed Deploys Stocks as BEP-20 Tokens As announced, Backed will issue the tokenized stocks as BEP-20 tokens on BNB Chain. These tokens mirror U.S.-listed stocks and ETFs and will function similarly to any other digital asset on the blockchain. This will enable users to trade the tokens 24 hours a day, 7 days a week on Kraken. If they keep the tokens in their wallets, they can trade 24/7 on the blockchain. It also enables the development of new and innovative financial tools utilizing these tokens. Tokenized Stocks Gain Global Momentum Kraken’s move to launch a tokenized fund is not an isolated one. Other exchanges, such as Bybit, Gemini, and Bitget, have also begun offering tokenized stocks. Robinhood has also launched its own tokenized equities platform in the European Union. Coinbase is also pursuing approval to offer tokenized stocks in the United States. Meanwhile, traditional finance firms are urging regulators to block crypto companies from offering tokenized stocks. This comes as financial experts are also beginning to recognize tokenization as a significant new trend. Many now view investing in top blockchains and companies operating in this area as a prudent move for long-term growth. Currently, the on-chain trading volume for xStocks is relatively small, at just under $33 million. However, this does not count trading done on centralized exchanges. As more platforms join and more people get access, the total trading volume is expected to grow. The post Kraken and Backed Expand Tokenized Stocks to BNB Chain appeared first on TheCoinrise.com .

Source: The Coin Rise